新形势下服务型私募股权基金的理论探索与案例分析
发布时间：2018-08-09 13:21
【摘要】：有学者戏称,在中国的北京、上海等一线城市,随便从楼上掉下一块砖头都会砸伤一个搞“PE”投资的。随着我国中小板和创业板市场的启动与发展,所引起的财富效应正激发着一拨又一拨海内外私募股权投资者蜂拥而至,PE机构、天使投资、创业投资如雨后春笋般蓬勃而起。这种过度繁荣的背后却蕴含着重重危机和令人深思的忧虑：一方面,众多的PE机构沉醉于“赚快钱”的投机情绪中,乐此不彼,追求着100%甚至更高的年化回报率,对潜在项目的筛选标准不断降低,却忽略了背后隐藏的巨大风险；另一方面,实体经济举步维艰,优秀的项目不仅越来越少,甚至出现了僧多粥少的尴尬局面；对于那些带着一笔钱来短时间内就想获得暴利走人的PE机构退避三舍；当然,个别无奈的企业面对越来越恶劣的经营环境和融资环境,有时又被迫接受PE机构“敲骨吸髓”似的股权投资和对赌协议,重复着“饮鸩止渴”的经典悲剧。金融资本与实业资本天上人间的生存状态掩饰不了越发加剧的“两张皮”矛盾,暴露出分道扬镳的发展方向。 私募股权基金(简称PE)是通过非公开发行的方式募集资金,以非上市企业的股权为投资标的物,待股权增值后择机退出的基金。私募股权基金是金融工具的一种,是市场经济发展至一定阶段的产物。现代意义上的私募股权基金于上世纪五十年代起源于美国,且随着全球经济的发展而发展,在欧美等国的资本市场中已发展成熟,逐渐在金融系统中占据着重要的位置。我国的私募股权基金起步较晚,1985年国内才出现第一家私募股权基金管理机构。前期由于我国正处于计划经济向市场经济过度的转轨期,私募股权基金行业极不活跃。学术界相关研究也处于停滞中。2009年随着创业板的推出,我国的私募股权基金进入活跃期,国内相关理论研究也有了较大的发展。 目前国内正处于经济转型的关键时期,原有粗放型发展方式已经和我国目前的经济现状极不适应。党的十八大报告明确的把产业结构调整列为未来经济工作的重点,宏观上的调控带来市场自发性的调整,而这种调整会影响目前所有的行业与产业。包括但不仅限于私募股权基金的金融资本发展只有紧紧依托实体经济、服务于实体经济,才具有蓬勃的生命力；只有有助于促进国家正努力推行的产业结构调整,促进国民经济的快速发展,加快资源的优化配置,才具有自身的核心竞争优势,达到成熟金融资本的标志。 正是基于上述宏观背景,本文针对私募股权基金及PE投资热展开研究,重点探讨私募股权基金如何回归金融资本的本质功能,通过改变自身的定位和盈利模式,更好的服务于实体经济,起到助推经济结构转型和产业升级的作用。因此,笔者在前人研究的基础上,把私募股权基金划分为财务型和服务型两种,首次系统研究了服务型私募股权基金的概念、特征和功能。 本文以理论分析为主要研究手段,同时辅以案例分析来讨论在经济增长模式转型、产业结构调整、传统行业急于寻找新的商业模式时代背景下,私募股权基金如何改变自身的定位来适应新的经济形势。本文将沿着文献综述、分析背景、提出理论、案例验证最后到得出结论与政策建议的技术路线来搭建研究的框架。通过提出服务型私募股权基金的概念、特征和作用来讨论新的经济形势下,基金管理公司如何改变原有的商业模式来适应新的变化,同时发挥金融机构的作用来助推产业升级与转型。 本文共分为六个部分,具体如下： 第一章是导论部分。重点介绍本文写作的研究背景与目的、理论意义与现实价值；对国内外理论界对于私募股权基金的研究成果进行综述；并讨论了本研究的逻辑思路以及可能的创新点。 第二章介绍本论文研究的时代背景,从三个方面入手进行论述,首先梳理了我国目前实体经济发展的现状,指出我国目前正处于中等收入陷阱,并讨论了中等收入陷阱的形成原因。随后深入讨论了金融资本市场现状,以及影子银行的过多所造成的金融系统风险加大和资金空转所造成的挤出效应。最后详细讨论了实体经济产业结构调整与金融资本的转型方向,提出我国未来金融资本如何更好的服务于实体经济,为实业发展提供动力。 第三章作为本文的理论提出章节,详细讨论了私募股权基金的理论基础,在理论的基础上提出了服务型私募股权基金的概念,随后讨论了服务型私募股权基金的特点和产生的必要性。 第四章是上一章的延续,从宏观、中观和微观三个不同层面详细讨论了服务型私募股权基金所发挥的作用,即推动产业结构调整、改善融资结构、提高企业的核心竞争力。 第五章着重讨论作为F基金管理公司如何顺应经济发展趋势并发挥自身优势,探索新的金融服务方式。首先论述了F公司和A公司的概况,发展历程以及所遇到的瓶颈；随后通过对A公司进行投资与金融服务的案例来讨论传统的私募股权基金如何转型为服务型基金,详细讨论了服务的方式与领域。 第六章作为全文的收尾章节,本章将总结性地概括本论文研究得到的核心观点,提出相关的政策建议；同时,针对本文研究过程中遇到的问题和不足之处,提出未来可能的研究方向。 本文的创新之处体现在以下两个方面： (1)理论创新。首次在理论层面提出了服务型私募股权基金的定义,把私募股权基金划分成财务型私募股权基金和服务型私募股权基金,并详细讨论了服务型私募股权基金的属性和核心价值。 (2)应用创新。把金融机构的服务型模式实际运用在私募股权基金领域,提出服务型私募股权基金的理论、价值和方法。并把具体的理论具体运用在A公司的案例中,结合A公司的情况详细讨论F公司作为服务型私募股权基金的管理人,在目前经济转型和产业结构调整的背景下,如何充分发挥作为股东的优势,为所投资企业提供金融服务助推其达到成功转型的目的。 最后,由于时间和个人能力有限,本文的研究还存在着许多不足和有待改进的地方,具体表现在： 第一、本文的研究是以理论创新为主,提出服务型私募股权基金的概念、特征,并用案例分析方法加以验证。但是因为缺少数据,无法通过模型加以验证,在随后的研究中可以通过实证研究的方法来验证服务型私募股权基金在产业转型中所发挥的作用。 第二、本文将私募股权基金划分为财务型私募股权基金和服务型私募股权基金,并且初步讨论了两者之间的区别。但因作者能力有限,未能更深入的划分出两者的界限,随后的研究可以进一步讨论两者的区别。 第三、服务型私募股权基金在实际应用中有其局限性,并非所有的行业和企业都适用这种全新的模式。因此,随后的研究可详细讨论出服务型私募股权基金的适用范围。
[Abstract]:Some scholars have said that in China's Beijing, Shanghai and other front-line cities, a brick will hurt a "PE" investment. With the start and development of the small plate and gem market in China, the wealth effect is arousing the surge of private equity investors from home and abroad, the PE organization, angel investment. On the back of this excessive prosperity, there are many crises and thought-provoking concerns: on the one hand, many PE institutions are immersed in the "fast money" speculation, and they pursue the 100% or even higher annual returns, and the screening criteria for potential projects are decreasing. On the other hand, the real economy is difficult, the excellent projects are not only less and less, even the awkward situation of the conconge, and the PE institutions who want to gain the profits with a short amount of money in a short period of time; of course, a few helpless enterprises are getting worse and worse. The operating environment and the financing environment are sometimes forced to accept the "rash" equity investment and the betting agreement of the PE institutions, and repeat the classic tragedy of "drinking poison to quench thirst". The existence of the financial capital and industrial capital can not cover the more and more aggravating "two skin" contradictions, exposing the direction of separate development.
Private Equity Fund (PE) is a fund to raise funds through non public distribution, and the non listed company's equity is the object of investment. The private equity fund is one of the financial instruments and the market economy develops to a certain stage. The private equity fund in the modern sense is in the last century. In 50s, it originated in the United States and developed with the development of the global economy. It has developed mature in the capital market of Europe, America and other countries. It has gradually occupied an important position in the financial system. The private equity fund of our country started relatively late, and the first private equity fund management institution appeared in 1985. The private equity fund industry is extremely inactive during the transition period of the economy to the market economy. The related research in the academic circle is still in the stagnation. With the introduction of the gem in.2009 years, the private equity fund in China has entered an active period, and the domestic related theories have also developed greatly.
At present, China is in the key period of economic transformation. The original extensive mode of development has not adapted to the current economic status of our country. The eighteen major report of the party explicitly lists the adjustment of industrial structure as the focus of the future economic work, and the macro-control brings the adjustment of the market spontaneity, and this adjustment will affect all the present. Industry and industry, including the development of financial capital which is not limited to private equity funds, only relies on the real economy and serves the real economy, and it has a vigorous vitality. Only it helps to promote the adjustment of the industrial structure, promote the rapid development of the national economy and accelerate the optimization of the allocation of resources. The core competitive advantage of the body reaches the mark of mature financial capital.
Based on the above macro background, this paper studies the private equity fund and the investment heat of PE, and focuses on how the private equity fund returns to the essential function of financial capital. By changing its own positioning and profit model, it can better serve the real economy and boost the economic structure transformation and industrial upgrading. On the basis of previous research, the author divides private equity funds into two types of financial and service types. The concept, characteristics and functions of the service type private equity fund are systematically studied for the first time.
This article is based on the theoretical analysis as the main research means, and with case analysis to discuss the transformation of the economic growth model, the adjustment of the industrial structure, the traditional industry eager to find a new business model era, how the private equity fund will change its own position to adapt to the new economic situation. By putting forward the concept, the characteristics and the role of the service-oriented private equity fund to discuss how the fund management companies can change the original business model to adapt to the new changes and play the role of the financial institutions. To boost industrial upgrading and transformation.
This article is divided into six parts, which are as follows:
The first chapter is the introduction, which focuses on the background and purpose of the study, the theoretical significance and the practical value; the theoretical circles at home and abroad are reviewed on the research results of private equity funds, and the logical ideas and possible innovations of this study are discussed.
The second chapter introduces the background of the study in this paper, and starts with three aspects. First, it combs the current situation of the development of the real economy in our country. It points out that China is now in the middle income trap, and discusses the causes of the formation of the middle income trap. Then it discusses the current situation of the financial capital market and the shadow banking. In the end, the adjustment of the industrial structure of the real economy and the direction of the transformation of the financial capital are discussed in detail, and the future financial capital in China will be better to serve the real economy and provide the impetus for the development of the industry.
The third chapter, as the theoretical chapter of this paper, discusses the theoretical basis of private equity fund in detail, puts forward the concept of the service type private equity fund on the basis of theory, and then discusses the characteristics and necessity of the service type private equity fund.
The fourth chapter is the continuation of the last chapter. It discusses the role of the service type private equity fund from three different levels, namely, macro, medium and micro, that is to promote the adjustment of the industrial structure, improve the financing structure and improve the core competitiveness of the enterprise.
The fifth chapter mainly discusses how the F fund management company should comply with the economic development trend and make full use of its own advantages to explore new financial services. First, it discusses the general situation of F company and A company, the development process and the bottlenecks encountered, and then discusses the traditional private equity through the case of investment and financial integration of A companies. How the fund has been transformed into a service fund has discussed the ways and fields of service in detail.
The sixth chapter, as the final chapter of the full text, will summarize the core views of the study in this paper, and put forward relevant policy suggestions. At the same time, we will put forward the possible future research direction in view of the problems and shortcomings encountered in the process of this study.
The innovation of this paper is reflected in the following two aspects:
(1) theoretical innovation. Firstly, the definition of service-oriented private equity funds is put forward on the theoretical level, and private equity funds are divided into financial private equity funds and service private equity funds, and the properties and core values of service type private equity funds are discussed in detail.
(2) application innovation. Apply the service model of financial institutions to the field of private equity fund, put forward the theory, value and method of the service type private equity fund, and apply the specific theory to the case of A company, and discuss in detail the manager of F company as a service Private Equity Fund in the case of A company. In the background of the former economic transformation and the adjustment of the industrial structure, how to give full play to the advantages of the shareholders and provide financial services for the invested enterprises to help them achieve the goal of a successful transformation.
Finally, due to the limited time and personal ability, there are still many deficiencies and improvements to be done in this study.
First, this study is based on theoretical innovation, put forward the concept and characteristics of the service type private equity fund, and verify it with the case analysis method. But because of the lack of data, it can not be verified by the model. In the subsequent research, the empirical research method can be used to verify the service type private equity fund in the industrial transformation. The role played.
Second, this paper divides private equity funds into financial private equity and service-oriented private equity, and discusses the difference between them. However, because of the limited ability of the author, the difference between them can not be further divided, and the subsequent study can further discuss the difference between the two.
Third, the service type private equity fund has its limitations in practical application, not all industries and enterprises are applicable to this new model. Therefore, the following research can discuss the scope of application of the service type private equity fund in detail.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51
[Abstract]:Some scholars have said that in China's Beijing, Shanghai and other front-line cities, a brick will hurt a "PE" investment. With the start and development of the small plate and gem market in China, the wealth effect is arousing the surge of private equity investors from home and abroad, the PE organization, angel investment. On the back of this excessive prosperity, there are many crises and thought-provoking concerns: on the one hand, many PE institutions are immersed in the "fast money" speculation, and they pursue the 100% or even higher annual returns, and the screening criteria for potential projects are decreasing. On the other hand, the real economy is difficult, the excellent projects are not only less and less, even the awkward situation of the conconge, and the PE institutions who want to gain the profits with a short amount of money in a short period of time; of course, a few helpless enterprises are getting worse and worse. The operating environment and the financing environment are sometimes forced to accept the "rash" equity investment and the betting agreement of the PE institutions, and repeat the classic tragedy of "drinking poison to quench thirst". The existence of the financial capital and industrial capital can not cover the more and more aggravating "two skin" contradictions, exposing the direction of separate development.
Private Equity Fund (PE) is a fund to raise funds through non public distribution, and the non listed company's equity is the object of investment. The private equity fund is one of the financial instruments and the market economy develops to a certain stage. The private equity fund in the modern sense is in the last century. In 50s, it originated in the United States and developed with the development of the global economy. It has developed mature in the capital market of Europe, America and other countries. It has gradually occupied an important position in the financial system. The private equity fund of our country started relatively late, and the first private equity fund management institution appeared in 1985. The private equity fund industry is extremely inactive during the transition period of the economy to the market economy. The related research in the academic circle is still in the stagnation. With the introduction of the gem in.2009 years, the private equity fund in China has entered an active period, and the domestic related theories have also developed greatly.
At present, China is in the key period of economic transformation. The original extensive mode of development has not adapted to the current economic status of our country. The eighteen major report of the party explicitly lists the adjustment of industrial structure as the focus of the future economic work, and the macro-control brings the adjustment of the market spontaneity, and this adjustment will affect all the present. Industry and industry, including the development of financial capital which is not limited to private equity funds, only relies on the real economy and serves the real economy, and it has a vigorous vitality. Only it helps to promote the adjustment of the industrial structure, promote the rapid development of the national economy and accelerate the optimization of the allocation of resources. The core competitive advantage of the body reaches the mark of mature financial capital.
Based on the above macro background, this paper studies the private equity fund and the investment heat of PE, and focuses on how the private equity fund returns to the essential function of financial capital. By changing its own positioning and profit model, it can better serve the real economy and boost the economic structure transformation and industrial upgrading. On the basis of previous research, the author divides private equity funds into two types of financial and service types. The concept, characteristics and functions of the service type private equity fund are systematically studied for the first time.
This article is based on the theoretical analysis as the main research means, and with case analysis to discuss the transformation of the economic growth model, the adjustment of the industrial structure, the traditional industry eager to find a new business model era, how the private equity fund will change its own position to adapt to the new economic situation. By putting forward the concept, the characteristics and the role of the service-oriented private equity fund to discuss how the fund management companies can change the original business model to adapt to the new changes and play the role of the financial institutions. To boost industrial upgrading and transformation.
This article is divided into six parts, which are as follows:
The first chapter is the introduction, which focuses on the background and purpose of the study, the theoretical significance and the practical value; the theoretical circles at home and abroad are reviewed on the research results of private equity funds, and the logical ideas and possible innovations of this study are discussed.
The second chapter introduces the background of the study in this paper, and starts with three aspects. First, it combs the current situation of the development of the real economy in our country. It points out that China is now in the middle income trap, and discusses the causes of the formation of the middle income trap. Then it discusses the current situation of the financial capital market and the shadow banking. In the end, the adjustment of the industrial structure of the real economy and the direction of the transformation of the financial capital are discussed in detail, and the future financial capital in China will be better to serve the real economy and provide the impetus for the development of the industry.
The third chapter, as the theoretical chapter of this paper, discusses the theoretical basis of private equity fund in detail, puts forward the concept of the service type private equity fund on the basis of theory, and then discusses the characteristics and necessity of the service type private equity fund.
The fourth chapter is the continuation of the last chapter. It discusses the role of the service type private equity fund from three different levels, namely, macro, medium and micro, that is to promote the adjustment of the industrial structure, improve the financing structure and improve the core competitiveness of the enterprise.
The fifth chapter mainly discusses how the F fund management company should comply with the economic development trend and make full use of its own advantages to explore new financial services. First, it discusses the general situation of F company and A company, the development process and the bottlenecks encountered, and then discusses the traditional private equity through the case of investment and financial integration of A companies. How the fund has been transformed into a service fund has discussed the ways and fields of service in detail.
The sixth chapter, as the final chapter of the full text, will summarize the core views of the study in this paper, and put forward relevant policy suggestions. At the same time, we will put forward the possible future research direction in view of the problems and shortcomings encountered in the process of this study.
The innovation of this paper is reflected in the following two aspects:
(1) theoretical innovation. Firstly, the definition of service-oriented private equity funds is put forward on the theoretical level, and private equity funds are divided into financial private equity funds and service private equity funds, and the properties and core values of service type private equity funds are discussed in detail.
(2) application innovation. Apply the service model of financial institutions to the field of private equity fund, put forward the theory, value and method of the service type private equity fund, and apply the specific theory to the case of A company, and discuss in detail the manager of F company as a service Private Equity Fund in the case of A company. In the background of the former economic transformation and the adjustment of the industrial structure, how to give full play to the advantages of the shareholders and provide financial services for the invested enterprises to help them achieve the goal of a successful transformation.
Finally, due to the limited time and personal ability, there are still many deficiencies and improvements to be done in this study.
First, this study is based on theoretical innovation, put forward the concept and characteristics of the service type private equity fund, and verify it with the case analysis method. But because of the lack of data, it can not be verified by the model. In the subsequent research, the empirical research method can be used to verify the service type private equity fund in the industrial transformation. The role played.
Second, this paper divides private equity funds into financial private equity and service-oriented private equity, and discusses the difference between them. However, because of the limited ability of the author, the difference between them can not be further divided, and the subsequent study can further discuss the difference between the two.
Third, the service type private equity fund has its limitations in practical application, not all industries and enterprises are applicable to this new model. Therefore, the following research can discuss the scope of application of the service type private equity fund in detail.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51
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